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In this paper, we discuss the R&D process in the pharmaceuticalabiotechnology industry from the viewpoint of four leading Canadian biotech startups. Based on a series of interviews with these firms, we outline the role of joint ventures and strategic alliances with university laboratories and with large established pharmaceutical firms in furthering these small firms' ambition of themselves becoming large and established. We find that the evolution of this industry has made this goal much harder to reach and we discuss the creative ways in which these firms have adapted and thrived.

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